Life-insurance policy



Patented Aug. 13, 1889.

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N. PETERS. Phnl-Liihognpher, Wnshinglrl. UIC4 @MMM/aegee NITED STATES ATENT einen,

LIFE-INSURANCE. POLICY.

SPECIFICATION forming part of Letters Patent N o. 408,686, dated August 13, 1889. Application filed July 2, 1888. Serial No. 278,873. (No specimens.)

.To @ZZ whom tnt/ay concern,.-

Be it known that I, ALEXANDER B. BIRD, of Canandaigua, county of Ontario,in the State of New York, a citizen of the United States, have invented certain new and useful Improvements in Life Insurance Policies, of which 'the following is a specification, reference bein g had to the accompanying drawing.

This invention relates to policies issued to insure life.

The object of this invent-ion is to provide the policy with certain tabulated statements of utility both to the insurer and to the insured.

It consists in the several novel features of construction hereinafter described, and which are specifically set forth in the clauses of claim hereunto annexed.

The drawing accompanying this specification sets forth a substantial copy of the policy provided with 'all of the tabulated statements which can be of benefit to the insured, and which must necessarily vary with the age of the insured according to the rules laid down by life-insurance actuaries, which are based upon the mortality tables. Accordingly this drawing illustrates the principle of the invention only, because the figures in the tabulated statements must vary with the amount of the policy andwith the ages of the insured.

A represents the body of the policy, which may be of any form of wording desired to bring it within the category of either a straight life, a plane endowment, a term endowment, a check endowment, or any of the other numerous styles of premium or assessment policies.

B is a band extending across the face of the policy, having a line B extending` longitudinally thereof, forming upper and lower compartments B2 and B3, respectively subdivided by vertical lines B4 into rectangular or oblong compartments B5 and quadrangular or square compartments B6. The latter compartments are further dividedby diagonal lines B7. On this band is a tabulatedl statement showing the term for which the policy will remain in full force after a default'has been made in the payment of an annual premium. The upper horizontal line of numbers in the compartments B5 indicates the numerically successive years of the policy. The lowerseries of diagonallydivided compartments indicate the number of years and months, or the term, during which the policy will so remain in full force without any further payment of premiums` as, for instance, if at the end of the second year a failure is made to pay the premium for the third year, the policy, as indicated by the iigures in the compartments below 2, will remain in full force for the term of one year and seven months, and that in case of afailure to pay the premium due at the end of the ninth year the policy will remain in force for the term of six years, and that in case of a failure to pay the premium due at the end of the nineteenth year the policy will remain in force for the further term of twelve years and eight months without any further premium being paid. It will therefore be observed that from this tabulated statement the insured can always tell from his policy just how long his insurance will hold good if he fails to pay any premium when due.

At C, I show a similar band to that B, having a tabulated statement showing in the upper half of the diagonally-divided compartments the numbers of the successive years of the policy for which it is to run, and in the lower half of these compartments the amount for which apaid-up policy will be issued by the companyto the insured in case of his default in making payments of any premium when due. It will therefore be seen from this table that if at the end of the second year the insured fails to pay .the premium due to renew the policy or to keep it alive for the third year a paid-up policy will be issued to him for the sum of fifty-three dollars; that in case of a failure at the end of the ninth year a paid-up policy will be issued for two hundred and seven dollars, and that in case of a failure to pay the premium due at the end of the nineteenth year a paid-up policy will be issued for four-hundred and thirty nine dollars. i

At D, I show another band similar to that B, having a table of cashsurrender values, in which I show in the upper half of the diagonally-divided compartments the successive serial years of the term of the policy, and in IOO the lower half of these compartments I show the actual amount of cash which would be received by the insured upon surrender of his policy at the end of any year-as, for instance, if he surrendered it at the end of the second year or during that year he would receive in cash the sum of live dollars, or if he surrendered it during the ninth year he would receive forty dollars, or if he surrendered it at the end of the nineteenth year he would receive one hundred dollars. It will therefore be observed that a person holding this policy for one'thousand dollars, the annual premium being twelve dollars and fifty cents, can readily perceive from the face of his policy that in case he failed or defaulted in the payment of the premium due at the end of the second year his policy would continue in force for the term of one year and seven months without any additional premium; or that if he desired he could receive a paid-up policy for fifty-three dollars, or that if he chose to surrender his policy he would receive the sum OE ive dollars in cash; also,that if at the end of the ninth year he made default in the payment of the premium then due his policy would stand good for six years longer without the payment Of any further premium, that he could surrender and take a paid-up policy at that time for two hundred and seven dollars, or that 11e could give up his policy and receive the sum of forty dollars in cash therefor, and so on. It will also appear that, as some insurance companies are conducted upon such a basis that they will allow no paid-up-term insurance after a defaultin the making of a payment of premium when due, the first table B would then be unnecessary in that policy. In like manner some companies provide for a paidupterm insurance and for a paid-up policy to be issued upon default 1n the payment of a premium,

in which case the table D would not be incorporated into the policy. In like mannersome companies provide for paid-up term and cashsurrender value, in which case the table C would not be necessary. restrict myself to the use of all three of these tables in a policy, for the reason that in some policies only one may be necessary, some may require two of the tables, and some will require all three. It will be further observed that the policy here shown is a check endowment providing for the payment to the insured of twenty equal installments of fifty dollars each, annually; and that at E, upon the bottom Ot' the policy, I show the form of checks for each annual installment of principal, which checks are disposed across the bottom of the policy.

Vhat I claim as my invention, and desire to secure by Letters Patent, is-n 1. Alit'e-insurance policy having a band B extending across the face thereof, provided with a longitudinal dividing-line B, forming upper compartment B2 and lower compartment B3, subdivided by vertical lines B1 into Oblong compartments B5 and square compartments B, substantially as described.

2. A life-insurance policy having a band B extending across the face thereof, provided with a longitudinal dividing-line B', forming upper compartment B2 and lower compartment B3, subdivided by vertical lines B4 into Oblon g compartments B5 and square compartments B, having diagonal lilies B7, substantially as described. Y

In witness whereof I havehereunto set my hand this 3d day of June, 1888.

ALEXANDER B. BIRD.

In presence of JOHN S. TAGGART,

vlEORGE ROBINSON.

I do not therefore 

